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Old 09-07-2012, 04:19 AM
 
13 posts, read 14,488 times
Reputation: 10

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What's the best and easiest way to open my media business to start paying myself a bi-weekly check??
You know what documents I need locally,state & federal?
Also, to open my business bank account, with banks, to pay me with my company name on the check, to apply for loans if needed???
Still undecided if I should open my business in NEVADA OR TEXAS
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Old 09-07-2012, 07:32 AM
 
Location: The Triad (NC)
31,189 posts, read 68,403,008 times
Reputation: 37048
Quote:
Originally Posted by djbusdown View Post
What's the best way to open my media business to start paying myself a bi-weekly check??
Find customers willing to pay you to do those things.
Put their money in an account you can write checks against.

The rest is clutter.
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Old 09-07-2012, 07:52 AM
 
Location: Wonderland
54,645 posts, read 42,908,423 times
Reputation: 76343
Meet with a CPA, who will give you advice about LLCs, sole proprietorships, etc. He/she should either file the necessary paperwork for you for a nominal fee, or be able to tell you exactly what you need to complete in your state. The paperwork itself is not hard, but we ended up just paying our CPA to get it together for us.

You'll need to research to see if the name you want for your company is available. There are a number of state and federal forms to fill out.

Anyway, once you have the name of your company secured (a short process) and have officially opened the business, you need, in my opinion, two bank accounts in the company name - a business checking account, and a business savings account. As SOON as you get paid each time, you need to drop at least 30 percent into that business savings account - and don't touch it. This is for your taxes. If you have a good CPA, you won't actually pay 30 percent, but you can move the excess into a SEP account for retirement.

DO NOT mix business and personal together. Pay ONLY business expenses out of the business account. Save every receipt as well. There are lots of expenses that can come out of this account by the way - health insurance (if you're buying your own privately), all office expenses, vehicle expenses, cell phones, internet, etc.

When you get paid, I recommend that you do this:

1) Immediately move 30 percent to the tax account
2) Pay yourself with a transfer from the business acct to your personal acct

You can also pay yourself bonuses if you like!

My husband and I have owned our own small company for three years, and it's an LLC. If you have any other questions, I'll try to answer them, but please keep in mind that my main piece of advice is to ask your CPA these questions as well. I am not a CPA and my recollection of details may not be accurate!
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Old 09-07-2012, 10:13 AM
 
28,900 posts, read 48,778,953 times
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I have no employees at all, having sold my biz several years ago. But I am an LLC.
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Old 09-23-2012, 07:43 PM
 
Location: Everywhere and Nowhere
14,131 posts, read 28,228,867 times
Reputation: 6839
Call the IRS and obtain a Federal Employer ID. Go to your county building, get a local business license and file for a fictitious name if you're going to do business under a name other than your own. The bank should then let you open a business account. If you're going to collect sales tax call the state tax administration office and get a state tax I.D. number. That's about all there is to it.
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Old 09-26-2012, 11:20 PM
 
13 posts, read 14,488 times
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ok cool.. Im just mentally and spiritually dehydrated right now.. I want to buy home but it's not the one I want. So I don't wanna put so much liquid, towards a property, knowing deep down I really want a loft..
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